Why I Choose to do Rent to Rent with Properties that were already HMOs

 

Let me tell you why I start with properties that are already HMO’s. These are already licensed as house shares. The biggest reason is that I am already ensured that they meet all the requirements for licensing; fire doors, fire alarms, the owner’s got the right mortgage & insurance.

Selling the idea of Rent to Rent to the owner is also much easier as they are already used to an HMO. When a property is already an HMO you’re halfway there. If you have to start prepping in order to meet requirements you’ll soon find that costs are adding up.

A question that is often asked is; if the property is already an HMO, why would the owner give the property for me to run since the work is practically already done. That’s true for certain properties, but you’re focus should be on all the landlords who are struggling:

  • All the landlords who aren’t professional investors.
  • Those who have a couple of properties, who’ve been successful at managing them, but who are now retiring.
  • Or they’ve had to deal with bad tenants or a bad agent and are struggling and looking for change.

You need to look for the properties with problems.

If you would like to find out more about all the benefits of a property that’s already an HMO, watch our short video.

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